Purchasing a property as newlyweds: Tips to consider after tying the knot

By the resi financial blog team, 21 October 2013

Getting married is one the life's biggest achievements, when you finally find that special someone that you want to settle down with for the rest of your days.

After getting married, it's important to remember that large decisions now need to be run by both of you, and this extends to purchasing property.

If you're considering purchasing your first property together, the first thing to do is to both sit down and take a long, hard look at your joint financial situation - now, and heading into the future.

After all, a home loan is a huge commitment and something that will be a large factor for you both to come to terms with. Discussing your financial goals - both individually and as a couple - will help you plot your next move and discover the next step to take together towards your goals.

When you start looking into potential properties, it's important to remember the weight of your decision. While it may only be you and your partner at the moment, lending a thought towards the future wouldn't go amiss.

Inspecting things like the calibre of the local schools, as well as their zoning rules, will help you to safeguard your children's education in the future. This is one of the biggest periods in a child's life, so ensuring they are taken care of academically is essential.

Furthermore, making sure the neighbourhoods you look into are child-friendly and offer a lot of recreational areas like parks and playgrounds could be something to keep an eye out for.

Understandably, purchasing a home isn't cheap. It could pay to begin investigating your housing options before the wedding in order to give yourself time to begin saving a home deposit alongside your wedding expenses.

By having a basic idea of the amount you will need, you can budget your wedding spending and leave yourself in a more viable financial situation.